Easily calculate the value of scrap gold in 4 steps!!

With a few simple steps you can figure out the scrap value of that broken gold necklace or bracelet auction that is ending in 3 minutes. It of course has a confusing amount of gold like 13 grams of 10k.
To make sure you dont overpay you want to calculate the base value of gold and go from there.
You can just plug in some simple numbers to the following equation to achieve your cost.
First you need the value of gold at the moment. (easily obtainable through a google search - "gold spot price")

Right Now it is $1580 per Troy Oz. (it is important to recognize that metals like this are weighed in troy oz., which is 31.1 grams)
So,

Step 1.We take $1580 (Price per troy oz at the moment) and divide it by 31.1(grams in an ounce). (calculator commands $1,580 / 31.1 = $50.80)

And this gives us a per gram price of $50.80 for pure gold.
In jewelry, the amount of gold in a piece is noted through the karat weight system.
0karat through 24karat, 24k being 100% gold.
So if you have a 1 gram 24k gold pendant you have a piece worth $50.80 at today's value of scrap pure gold.
But what if you have a 14k piece.

Lets say we have a 11 gram piece composed of 14k gold.
We first do the equation in step 1.
(step 1. Todays gold price for an oz divided by 31.1.)
Then we divide the answer from step 1 ($50.80 at the moment) by 24 to get a per karat price for each gram of gold.

Step. 2
So it looks like this,
(start with the answer from step. 1) $50.80, and divide it by 24. (calculator commands $50.80 / 24 = $2.11)
You now have your per karat price for each gram, which is $2.11.

Step. 3 You now can take the per karat value (answer from step 2), and multiply it by the karat weight of the item in question.
It looks something like this for 14k,
(answer from step 2) $2.11 * 14 (we put 14, but here you put whatever the amount is for your item) = $29.54
So now you know its $29.54 for every gram of 14 karat gold .

Step. 4
Naturally the last step is to multiply your answer from step 3 by the total gram weight of the item, which we said was 11 grams.
(answer from step 3)$29.54 * 11 (grams)= $324.94

You now know that at today's gold values, an 11 gram 14 karat item would be valued at at least $324.94.
You also can easily plug in 10 karat and 18 karat for all different values.
4 steps that can be done in seconds when you get it down.
Happy Shopping and stay informed everyone!!